Extending Brexit beyond Mar 29 would prolong economic uncertainty: BDI

Extending the deadline for Britain's departure from the European Union beyond March 29 might give hope for a better deal politically but it would prolong economic uncertainty, Germany's influential BDI industry association said on Tuesday. The United Kingdom's exit from the EU is in the balance before Tuesday's parliamentary vote when lawmakers are widely expected to reject Prime Minister Theresa May's deal, opening up outcomes ranging from a disorderly divorce to reversing Brexit.

Joachim Lang, BDI managing director told German radio Deutschlandfunk that the situation would be unpredictable in the case of a disorderly Brexit and he warned that extending the deadline would not necessarily be the answer. "Everyone loses out with Brexit anyway; the Britons, the British economy and the European economy will lose, and then it can only be about minimizing the losses. It's not a situation that can be won," Lang said, adding that German businesses have "mixed feelings" about extending the Brexit deadline.